PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

State Employment Growth in April Isolated to 11 States

By at 20 May, 2022, 1:30 pm

by Raymond J. Keating – 

According to the latest report on state employment from the U.S. Bureau of Labor Statistics, only 11 states saw statistically significant growth in nonfarm payroll employment growth in April 2022 compared to the previous month.

That’s underwhelming and concerning. It also lines up with at least part of the mixed national employment report we got at the start of this month. (See SBE Council’s analysis here.)

Thankfully, the state report also noted that 49 states experienced employment gains over the past year.

It’s worth noting the top performers.

From March 2022 to April 2022, the top percentage gainers were:

● New Hampshire (+1.0 percent)

● Florida (+0.6 percent)

● Arizona (+0.5)

● Colorado (+0.5)

● Texas (+0.5 percent).

And from April 2021 to April 2022, the top percentage increases came in:

● Nevada (+8.0 percent)

● Florida (+5.9 percent)

● Texas (+5.9 percent)

● New Mexico (+5.7 percent)

● Georgia (+5.6 percent)

● California (+5.6 percent)

While the decline due to the pandemic must be considered, it is still worth noting that each of these top performing states, except California, offer relatively positive policy climates for entrepreneurship and investment among the 50 states, for example, with Nevada and Texas imposing no income or capital gains taxes whatsoever, and New Hampshire and Florida no individual income taxes.

Make no mistake, as the U.S. works to recover and get back on a path of expansion, limiting governmental costs matters, and those states that choose not to inflict such burdens as income and capital gains levies will benefit accordingly.

Raymond J. Keating is chief economist for the Small Business & Entrepreneurship Council. His latest nonfiction book is The Weekly Economist: 52 Quick Reads to Help You Think Like an Economist.

 

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